The tally of failed US Banks has reached to 32 with 3 more US Banks falling prey to ongoing financial crisis. US regulators on Friday shut down Silverton Bank in Georgia and formed a government-controlled bank on a temporary basis until they found a suitable buyer. Silverton Bank was experiencing huge losses on account of [...]
Rupee climbed at the highest level in two weeks owing to gains in Asian currencies and robust swing in stock market. The rupee traded at 49.67 against dollar, which was stronger than Wednesday’s close of 50.04. It went up by 1% as compared to the prior close and reached an intra-day high of 49.55. The [...]
Essar Oil has increased its capacity from 10.5 million tones per annum (mtpa) refinery in last year’s May to 15 mtpa in the present year. The scrip has become twice in last month’s period to reach value of Rs.152. The company has brought the curtains down on its Gujarat’s refinery from 18 April due to [...]
Permission for clearing the huge pile of metal scrap that was lying at Nhava Sheva has finally been received leading to hopes of the area getting rid of these containers. The material comprises 400 vessels having copper dross, brass dross, zinc ash, zinc dross and residues. This enormous volume of metal was brought into the [...]
UBS, the largest bank of Switzerland registered a loss of $1.76 billion i.e. 2 billion Swiss Francs in the first quarter of ongoing financial year. The announcement that is backed by a number of write-downs due to continuous withdrawals by clients came on Tuesday. Also, the bank said that it will be adopting a cautious [...]
The central Bank of country, RBI (Reserve Bank of India) has declined the removal of ceiling put on the amount that banks are allowed to invest in their Insurance Joint Ventures. The decision became quite visible when J&K Bank was asked not to infuse funds in MetLife India. Insurance is treated as a ‘cash-cow’ among [...]
Several sportswear Brands are taking advantage of IPL (Indian Premier League) season as sales have kicked up significantly since the matches started. Both the domestic and overseas sales have jumped thereby making their share of contribution in revenues. Rajiv Mehta, the Managing Director at Puma India confirmed the increase in sales in IPL merchandise due [...]
International Monetary Fund opined on Wednesday that though the global economic distortions stand chances of being corrected, but there do exist need for additional fiscal measures and rate cuts. IMF is of the view that Asian growth rate for 2009 will be 1.3% and 2010 might see Asia expanding at 4.3%, both of which are [...]
Maharashtra has proposed to decrease the excise duty put on wine imported from other states like Karnataka. In a letter addressed to Karnataka’s excise department, the excise department of Maharashtra stated that it is considering the reduction of excise duty to Rs.100 for every litre of the beverage. As per the industry players, the excise [...]
Maytas on Tuesday said that it was weighing the options of raising funds, ‘stake selling’ being one of them. The company is linked to fraud hit Satyam that created much furore in recent past for manipulation of firms’ accounts. Anil Agarwal, the Director of the government appointed Board at Maytas said that corporate debt restructuring [...]